Bitcoin Price Trend Overwhelmingly Negative, Bears Target $13K

2 weeks ago 31

Bitcoin terms extended losses and retested the $15,800 support. BTC could proceed to determination down towards the $15,000 and $14,000 levels.

  • Bitcoin started a caller diminution beneath the $16,000 and $15,800 levels.
  • The terms is trading beneath $16,400 and the 100 hourly elemental moving average.
  • There is simply a large bearish inclination enactment forming with absorption adjacent $16,150 connected the hourly illustration of the BTC/USD brace (data provender from Kraken).
  • The brace remains astatine a hazard of much losses towards the $15,000 level oregon adjacent $14,000.

Bitcoin Price Revisit $15,500

Bitcoin terms started a caller diminution from the $17,000 resistance. BTC gained bearish momentum aft it settled beneath the $16,500 enactment zone.

There was a determination beneath the $16,000 level and the 100 hourly elemental moving average. The bears were capable to propulsion the terms towards the cardinal $15,500 enactment zone. A debased is formed adjacent $15,470 and the terms is present correcting losses.

There was a insignificant summation supra the $15,800 absorption zone. Bitcoin terms cleared the 23.6% Fib retracement level of the caller driblet from the $16,795 plaything precocious to $15,470 low.

On the upside, an contiguous absorption is adjacent the $15,880 level. The archetypal large absorption is adjacent the $16,150 zone. There is besides a large bearish inclination enactment forming with absorption adjacent $16,150 connected the hourly illustration of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD connected TradingView.com

The 50% Fib retracement level of the caller driblet from the $16,795 plaything precocious to $15,470 low. The adjacent large absorption is adjacent the $16,400 level. The terms indispensable wide the inclination enactment absorption and past $16,400 to commencement a decent increase. The adjacent large absorption is adjacent $16,500, supra which the terms could summation gait for a determination towards the $17,000 zone.

More Losses successful BTC?

If bitcoin fails to retrieve supra the $16,150 absorption zone, it could proceed to determination down. An contiguous enactment connected the downside is adjacent the $15,650 level.

The adjacent large enactment is adjacent the $15,500 zone, beneath which the terms mightiness trial the cardinal enactment astatine $15,000. A wide determination beneath the $15,000 enactment mightiness nonstop the terms further lower, whitethorn beryllium towards $13,200.

Technical indicators:

Hourly MACD – The MACD is present losing gait successful the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is present beneath the 50 level.

Major Support Levels – $15,650, followed by $15,500.

Major Resistance Levels – $16,150, $16,400 and $16,500.

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